One-glance verdict
Undervalued
$178.59 our estimate vs market $49.48
Wall Street consensus: $46.00 (-74.2% lower than our fair-value estimate)
72% below our estimate, below the bear case
Fundamentals snapshot
Tsakos Energy Navigation Limited
TEN · NYQ · Energy · Oil & Gas Midstream
Current price
$49.48
52-week range
$20.50 - $53.84
Market cap
$1.49B
Balance sheet
Stretched
2.55x Stretched
Net debt $1.64B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Free cash flow was positive in 2/10 years.
- Reward Trades at 5.0x P/E vs peer median 6.7x (25.5% cheaper).
- Risk Forward P/E (16.9x) is higher than trailing (5.0x) - earnings are expected to drop.
- Risk Stock trades 45.7% above its 5-year average P/E.
What this company does
Tsakos Energy Navigation Limited
Tsakos Energy Navigation owns and operates a large fleet of tanker ships that transport crude oil and petroleum products like gasoline across the ocean. The company makes money by charging major oil companies and refiners fees to use its ships, acting like a floating pipeline for the global energy market. The demand for oil and the number of available ships worldwide heavily influence the shipping rates Tsakos can charge, which directly impacts its revenue (the total money it brings in).
How the company got here
Founded in 1993 by the Tsakos family, which has a long history in the shipping industry, Tsakos Energy Navigation (TEN) has grown from a small fleet of four tankers into one of the world's largest independent energy transporters. The company went public in 1993 and has been listed on the New York Stock Exchange since 2002, maintaining a record of paying dividends to its shareholders every year since. A key part of its journey has been a consistent focus on modernizing its fleet with environmentally friendly designs and maintaining strong relationships with major oil companies. This strategy has helped it navigate the natural ups and downs of the global energy market.
What it actually does
Think of Tsakos Energy Navigation as a global taxi service for energy. Instead of people, it transports massive quantities of crude oil (the raw material for gasoline and other fuels) and refined petroleum products like gasoline, diesel, and jet fuel across the oceans. Its customers are large, well-known oil companies and refineries who pay to charter (or rent) TEN's ships to move their products from where they are produced to where they are needed. The company operates a large and diverse fleet of tanker ships of various sizes to meet different customer needs around the world.
Crude Oil Tankers
This is the company's largest and most central business, likely making up more than half of its business. TEN owns and operates a variety of large tankers designed specifically to carry crude oil. These ships, with names like VLCC, Suezmax, and Aframax that denote their size, are chartered by major oil producers and refiners for long-distance transportation of unrefined oil. The company makes money by charging a daily rental fee, known as a time-charter rate, or by operating on the 'spot market' where prices change based on immediate demand.
Product Tankers
This segment focuses on transporting refined petroleum products, which are the finished goods made from crude oil. These tankers carry things like gasoline, diesel, and jet fuel to where they will be sold to consumers. This part of the business is also significant, representing a large portion of the company's revenue. Just like with crude tankers, oil companies, traders, and distributors pay to use these specialized ships to move their products globally.
LNG and Specialized Tankers
A smaller but growing part of TEN's business involves more specialized vessels. This includes LNG (Liquefied Natural Gas) carriers, which transport natural gas that has been cooled into a liquid form, and shuttle tankers that are used for specific offshore oil field operations. These specialized ships often operate under long-term contracts with major energy companies, providing a more stable and predictable stream of revenue compared to the more volatile spot market. This diversification helps the company tap into the growing demand for cleaner energy sources.
What management is betting on now
Management's current strategy is focused on continuing to renew and expand its fleet with modern, fuel-efficient, and environmentally friendly vessels. They are particularly focused on growing their presence in the LNG and product tanker markets to capitalize on the increasing global demand for cleaner energy and refined fuels. The company also employs a balanced chartering strategy, mixing long-term fixed-rate contracts for stability with spot market exposure to benefit from periods of high demand. This approach is designed to ensure steady growth and profitability through the shipping industry's natural cycles.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-181.93M
FY2025 Q4
$-4.53M
Revenue
$798.69M
Net income
$160.90M
Diluted EPS
4.45
Operating cash flow
$297.62M
Free cash flow
$-4.53M
Fetching…
Sources
Revenue
$804.06M
Net income
$176.23M
Diluted EPS
5.03
Operating cash flow
$307.68M
Free cash flow
$-181.93M
Fetching…
Sources
Is it cheap or expensive?
Fair value $178.59 vs current price $49.48
Wall Street consensus is the average analyst price target: $46.00 (-74.2% lower than our fair-value estimate).
Our most-likely fair value is $178.59 a share — about 260.9% above today's price of $49.48, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $1.6B. Interest coverage 2.6x.
Net debt
$1.64B
Interest coverage
2.55x
Tsakos Energy Navigation Limited's profit covers its interest bill about 2.6 times over.
Stretched
Worse cushion
Baseline
Better cushion
TEN
BASELINE
Tsakos Energy Navigation Limited
Total debt $2.10B Interest coverage 2.55x This is the baseline the peer rows are being compared against.
Total debt $2.43B Interest coverage 2.57x +1% vs TEN Has roughly the same debt cushion as TEN.
Total debt $652.77M Interest coverage 7.17x +181% vs TEN Carries about 2.8x more debt cushion than TEN.
Total debt $37.50M Interest coverage 74.24x +2,810% vs TEN Carries about 29.1x more debt cushion than TEN.
Total debt $406.57M Interest coverage 1.35x -47% vs TEN Carries about 1.9x less debt cushion than TEN.
Total debt $728.88M Interest coverage 4.61x +81% vs TEN Carries about 1.8x more debt cushion than TEN.
What you should know
The case for and against TEN
3 Rewards
3 Risks
Rewards
-
Free cash flow was positive in 2/10 years.
-
Trades at 5.0x P/E vs peer median 6.7x (25.5% cheaper).
-
Dividend yield is 3.9% with 25-year payout history.
Risks
-
Forward P/E (16.9x) is higher than trailing (5.0x) - earnings are expected to drop.
-
Stock trades 45.7% above its 5-year average P/E.
-
Net debt grew 7.0% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
5.01x
Forward P/E
16.86x
P/B
0.76x
P/S
1.55x
EV/EBITDA
6.10x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
61.6%
Operating margin
41.8%
Net margin
33.8%
ROE
17.2%
ROA
5.6%
Health
Liquidity and balance-sheet strength
Debt / equity
1.02x
Current ratio
—
Quick ratio
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Total debt
$2.10B
Total cash
$466.14M
Growth
How the business has been compounding
Revenue TTM
$3.35B
Revenue 5Y CAGR
10.0%
EPS TTM
9.87
EPS 5Y CAGR
-9.5%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.29B
Free CF TTM
$-4.53M
FCF margin
-0.1%
Dividend
Shareholder payout
Yield
3.9%
Payout ratio
16.2%
Last ex-div date
2026-07-23